North America Industrial Valve Market to Grow at a CAGR of 3.8% to reach US$ 27,405.72 million from 2023 to 2028
The North America industrial valve market is expected to grow from US$ 22,718.55 million in 2023 to US$ 27,405.72 million by 2028; it is estimated to record a CAGR of 3.8% from 2023 to 2028.
The US is one of the largest natural gas producers in the world. According to the US Energy Information Administration (EIA), in 2021, the country produced ~34,517,798 million cubic feet (MMcf) of natural gas and consumed 30,664,951 MMcf of natural gas. In addition, the country exported 3,560,818 MMcf of liquefied natural gas (LNG). Also, the country has more than 3 million miles of mainline and other pipelines, which link natural gas production areas and storage facilities with consumers. The US government is further working on expanding the natural gas pipeline infrastructure of the country. In 2022, the US government approved various projects to increase the capacity to transport natural gas in the country. For example, Columbia Gulf Transmission’s Louisiana XPress Project increased its capacity by 493 MMcf/d from Mississippi to Louisiana and 50 MMcf/d from Tennessee to Mississippi. Under this project, the company added and upgraded compressor stations to increase natural gas deliverability from the Appalachian Basin. Similarly, Florida Gas Transmission’s Mobile County Project increased its capacity by 175 MMcf/d from Mississippi to Alabama by modifying the CS10 compressor station in Mississippi. Thus, such infrastructural expansion in the US is raising the need for industrial valves in the region, fueling the market growth.
Moreover, various new oil and gas construction projects are under progress in Canada and Mexico. In Q2 2022, the construction work of the Centre of Excellence for Carbon Capture & Removal project started in Burnaby, British Columbia, Canada. It involved the construction of a CCS plant, which will help capture and store up to 2,000 metric tons of CO2 per day. Similarly, the construction of the Vista Pacifico Liquified Natural Gas Plant project commenced in Q2 2022, with an investment of US$ 2,000 million. Under this project, an LNG export terminal will be constructed on 150 hectares of land in the Municipality of Ahome, Topolobampo, Sinaloa, Mexico. Thus, such oil and gas construction projects will raise the demand for industrial valves as they help ensure the safe and efficient operation of various processes in upstream, midstream, and downstream applications. Also, valves regulate fluid flow, maintain pressure and temperature levels, and provide isolation and control for various industrial applications involving liquids, such as pipeline and distribution infrastructure. In the oil & gas industry, valves are used in pipeline systems transporting and distributing crude oil, natural gas, and other refined products, as they provide tight shutoff, high flow capacity, and quick operation. Also, they are used to isolate wellheads during drilling, completion, and production phases to ensure safety and control over the flow of oil and gas. Therefore, the expansion of the oil & gas industry in North America is raising the need for industrial valves, fueling the North America industrial valve market growth.
North America Industrial Valve Market Revenue and Forecast to 2028 (US$ Million)
North America Industrial Valve Market: Key Players
Major North America industrial valve market players include CRANE CO., Flowserve Corporation, Emerson Electric Co., CIRCOR INTERNATIONAL, SPIRAX SARCO, SCHLUMBERGER LIMITED, Velan Inc., The Weir Group PLC, Frontier Valve International, and FITOK Group. These market players are continuously working on developing advanced products. For instance, in October 2021, Emerson launched the ASCO Series 062 Rocker Isolation Valve, which is designed particularly for the most demanding fluid control manifolds in the clinical laboratory such as immunoassay analyzers, hematology, sample preparation and pre-analytical, and DNA sequencing instruments. Thus, such development by the market players will fuel the North America industrial valve market growth during the forecast period.
North America Industrial Valve Market: By Component
Based on material, the North America industrial valve market is segmented into cast iron, steel, cryogenic, alloy-based, and others. The steel segment held the largest share in the North America industrial valve market in 2021. The increasing use of steel valves in water, gas, petrochemical, and chemical supply processes, as well as in general-purpose applications, is fueling the segment growth in North America.
Impact of COVID-19 Pandemic on North America Industrial Valve Market
The sudden onset of the COVID-19 outbreak across North America hampered the industrial valve market in Q1 of 2020. The rapid spread of COVID-19 urged governments of North American countries to impose strict restrictions on human movement, which led to the shutdown of manufacturing activities. However, in Q1 of 2021, the North America industrial valve market started reviving with ease in lockdown restrictions. Various industrial valve manufacturers pst-lockdown worked on developing technologically advance industrial valve and came up with the smart valve. Thus, such innovation by the market players is projected to fuel the North America industrial valve market.
North America Industrial Valve Market: Market Initiative
Market initiatives are a strategy adopted by companies to expand their footprint worldwide and meet the growing customer demand. The North America industrial valve market players are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.
- In 2021, Crane’s new FK-TrieX full port triple offset isolation valves offered reliability, safety, and efficient operation for various severe service applications. The FK-TrieX features superior fugitive emissions control, enhanced reliability with a unique bi-directional bubble-tight shutoff, and minimizes the total cost of ownership.
- In 2021, Crane Fluid Systems published a new General Valves catalog for promoting the entire range of new valves, which included ball valves, butterfly valves, check valves, gate valves, globe valves, and radiator valves.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Material, Valve Type, Ball Valve, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Canada, Mexico, United States
Frequently Asked Questions
Steel material type is the leading material segment in the industrial valves market.
The incremental growth of industrial valves market during the forecast period is US $ 4,687.17 million.
Growing Investment in Water and Wastewater Infrastructure. Access to clean and safe drinking water is critical for public health and economic prosperity. Due to the rising demand for clean drinking water, governments of various countries are investing in enhancing drinking water infrastructure
The industrial valves market is estimated to grow at US$ 27,405.72 million in 2028 at a CAGR of 3.8%.
Rising Expansion in Oil & Gas industry and strategic alliance by market players such as acquisition and merger is driving the industrial valves market.
CRANE CO., Flowserve Corporation, Emerson Electric Co., SCHLUMBERGER LIMITED, and Velan Inc. are the key players holding the major market share in the industrial valves market.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Industrial valve Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Industrial valve Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Expansion in Oil & Gas Industry
5.1.2 Strategic Alliances by Market Players
5.2 Market Restraints
5.2.1 High Cost of Maintenance and Replacement of Industrial Valves
5.3 Market Opportunities
5.3.1 Growing Investment in Water and Wastewater Infrastructure
5.4 Future Trends
5.4.1 Technological Advancements in Industrial Valves
5.5 Impact Analysis of Drivers and Restraints
6. Industrial valve Market – North America Analysis
6.1 North America: Industrial valve Market – Revenue and Forecast to 2028 (US$ Million)
6.2 Market Positioning- Top Five Players
7. North America Industrial valve Market Analysis – by Material
7.1 Overview
7.2 North America Industrial valve Market, By Material (2022 And 2028)
7.3 Cast Iron
7.3.1 Overview
7.3.2 Cast Iron: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
7.4 Steel
7.4.1 Overview
7.4.2 Steel: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
7.5 Cryogenic
7.5.1 Overview
7.5.2 Cryogenic: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
7.6 Alloy-based
7.6.1 Overview
7.6.2 Alloy-based: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
7.7 Others
7.7.1 Overview
7.7.2 Others: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
8. North America Industrial valve Market – Valve Type
8.1 Overview
8.2 North America Industrial valve Market, By Valve type (2022 And 2028)
8.3 Ball valve
8.3.1 Overview
8.3.2 Ball valve: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
8.4 Butterfly Valves
8.4.1 Overview
8.4.2 Butterfly Valves: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
8.5 Diaphragm Valves
8.5.1 Overview
8.5.2 Diaphragm Valves: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
8.6 Safety Valves
8.6.1 Overview
8.6.2 Safety Valves: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
8.7 Piston RAM Valves
8.7.1 Overview
8.7.2 Piston RAM Valves: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
8.8 Gate Valves
8.8.1 Overview
8.8.2 Gate Valves: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
8.9 Control Valves
8.9.1 Overview
8.9.2 Control Valves: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
9. North America Industrial Valve Market– Ball Valve
9.1 Overview
9.2 North America Industrial valve Market, By Ball valve (2022 And 2028)
9.3 Trunnion-mounted
9.3.1 Overview
9.3.2 Trunnion-mounted: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
9.4 Floating
9.4.1 Overview
9.4.2 Floating: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
9.5 Rising Stem
9.5.1 Overview
9.5.2 Rising Stem: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
10. North America Industrial valve Market Revenue and Forecast to 2028 – End user
10.1 Overview
10.2 North America Industrial valve Market, By End user (2022 And 2028)
10.3 Oil & Gas
10.3.1 Overview
10.3.2 Oil & Gas: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
10.4 Chemicals and Petrochemicals
10.4.1 Overview
10.4.2 Chemicals and Petrochemicals: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
10.5 Food and Beverages
10.5.1 Overview
10.5.2 Food and Beverages: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
10.6 Water Treatment
10.6.1 Overview
10.6.2 Water Treatment: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
10.7 Others
10.7.1 Overview
10.7.2 Others: North America Industrial valve Market Revenue and Forecast To 2028 (US$ Million)
11. North America Industrial valve Market – Country Analysis
11.1 Overview
11.2 North America: Industrial valve Market
11.2.1 North America Industrial valve Market Breakdown, by Country
11.2.1.1 US: Industrial valve Market
11.2.1.1.1 US: Industrial valve Market, by Material
11.2.1.1.2 US: Industrial valve Market, by Valve type
11.2.1.1.3 US: Industrial valve Market, by Ball valve
11.2.1.1.4 US: Industrial valve Market, by End user
11.2.1.2 Canada: Industrial valve Market
11.2.1.2.1 Canada: Industrial valve Market, by Material
11.2.1.2.2 Canada: Industrial valve Market, by Valve type
11.2.1.2.3 Canada: Industrial valve Market, by Ball valve
11.2.1.2.4 Canada: Industrial valve Market, by End user
11.2.1.3 Mexico: Industrial valve Market
11.2.1.3.1 Mexico: Industrial valve Market, by Material
11.2.1.3.2 Mexico: Industrial valve Market, by Valve type
11.2.1.3.3 Mexico: Industrial valve Market, by Ball valve
11.2.1.3.4 Mexico: Industrial valve Market, by End user
12. Industrial valve Market- COVID-19 Impact Analysis
12.1 North America
13. Industry Landscape
13.1 Overview
13.2 Market Initiative
13.3 Product Development
13.4 Mergers & Acquisitions
14. COMPANY PROFILES
14.1 Crane Co
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Velan Inc
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Emerson Electric Co
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Flowserve Corp
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Spirax Sarco Engineering Plc
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Schlumberger NV
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 CIRCOR International Inc
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 FITOK GmbH
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 The Weir Group PLC
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 Frontier Valve International Ltd
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
14.11.1 Key Facts
14.11.2 Business Description
14.11.3 Products and Services
14.11.4 Financial Overview
14.11.5 SWOT Analysis
14.11.6 Key Developments
14.12.1 Key Facts
14.12.2 Business Description
14.12.3 Products and Services
14.12.4 Financial Overview
14.12.5 SWOT Analysis
14.12.6 Key Developments
14.13 Allagash International Group LLC
14.13.1 Key Facts
14.13.2 Business Description
14.13.3 Products and Services
14.13.4 Financial Overview
14.13.5 SWOT Analysis
14.13.6 Key Developments
14.14.1 Key Facts
14.14.2 Business Description
14.14.3 Products and Services
14.14.4 Financial Overview
14.14.5 SWOT Analysis
14.14.6 Key Developments
14.15.1 Key Facts
14.15.2 Business Description
14.15.3 Products and Services
14.15.4 Financial Overview
14.15.5 SWOT Analysis
14.15.6 Key Developments
14.16.1 Key Facts
14.16.2 Business Description
14.16.3 Products and Services
14.16.4 Financial Overview
14.16.5 SWOT Analysis
14.16.6 Key Developments
14.17.1 Key Facts
14.17.2 Business Description
14.17.3 Products and Services
14.17.4 Financial Overview
14.17.5 SWOT Analysis
14.17.6 Key Developments
14.18.1 Key Facts
14.18.2 Business Description
14.18.3 Products and Services
14.18.4 Financial Overview
14.18.5 SWOT Analysis
14.18.6 Key Developments
14.19 Everlasting Valve Co Inc
14.19.1 Key Facts
14.19.2 Business Description
14.19.3 Products and Services
14.19.4 Financial Overview
14.19.5 SWOT Analysis
14.19.6 Key Developments
14.20.1 Key Facts
14.20.2 Business Description
14.20.3 Products and Services
14.20.4 Financial Overview
14.20.5 SWOT Analysis
14.20.6 Key Developments
15. Appendix
15.1 About The Insight Partners
15.2 Glossary of Terms
LIST OF TABLES
Table 1. North America Industrial valve Market, Revenue and Forecast, 2019–2028 (US$ Mn)
Table 2. North America Industrial valve Market, Revenue and Forecast To 2028 – By Country (US$ million)
Table 3. US: Industrial valve Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 4. US: Industrial valve Market, by Valve type – Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Industrial valve Market, by Ball valve – Revenue and Forecast to 2028 (US$ Million)
Table 6. US: Industrial valve Market, by End user – Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Industrial valve Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Industrial valve Market, by Valve type – Revenue and Forecast to 2028 (US$ Million)
Table 9. Canada: Industrial valve Market, by Ball valve – Revenue and Forecast to 2028 (US$ Million)
Table 10. Canada: Industrial valve Market, by End user – Revenue and Forecast to 2028 (US$ Million)
Table 11. Mexico: Industrial valve Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 12. Mexico: Industrial valve Market, by Valve type – Revenue and Forecast to 2028 (US$ Million)
Table 13. Mexico: Industrial valve Market, by Ball valve – Revenue and Forecast to 2028 (US$ Million)
Table 14. Mexico: Industrial valve Market, by End user – Revenue and Forecast to 2028 (US$ Million)
Table 15. Glossary of Term: Industrial valve Market
LIST OF FIGURES
Figure 1. Industrial valve Market Segmentation
Figure 2. Industrial valve Market Segmentation – By Country
Figure 3. Industrial Valve Market Overview
Figure 4. Steel Segment Dominate the Market by Material
Figure 5. Ball valve Segment Dominate the Market by Valve type
Figure 6. Trunnion-mounted Segment Dominate the Market by Ball valve
Figure 7. Oil & Gas Segment Dominate the Market by End user
Figure 9. North America PEST Analysis
Figure 10. Industrial Valve Market, by Ecosystem
Figure 11. Industrial valve Market Impact Analysis of Drivers and Restraints
Figure 12. North America: Industrial valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. North America Industrial valve Market, By Material (2022 and 2028)
Figure 14. Cast Iron: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. Steel: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. Cryogenic: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. Alloy-based: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Others: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. North America Industrial valve Market, By Valve type (2022 and 2028)
Figure 20. Ball valve: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Butterfly Valves: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. Diaphragm Valves: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. Safety Valves: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 24. Piston RAM Valves: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 25. Gate Valves: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 26. Control Valves: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 27. North America Industrial valve Market, By Ball valve (2022 and 2028)
Figure 28. Trunnion-mounted: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 29. Floating: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 30. Rising Stem: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 31. North America Industrial valve Market, By End user (2022 and 2028)
Figure 32. Oil & Gas: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 33. Chemicals and Petrochemicals: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 34. Food and Beverages: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 35. Water Treatment: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 36. Others: North America Industrial valve Market Revenue and Forecast to 2028 (US$ Million)
Figure 37. North America Industrial valve Market Breakdown, by Country, 2022 & 2028 (%)
Figure 38. US: Industrial valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 39. Canada: Industrial valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 40. Mexico: Industrial valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 41. Impact of COVID-19 Pandemic in North America Markets
The List of Companies - Industrial Valves Market
- Crane Co
- Velan Inc
- Emerson Electric Co
- Flowserve Corp
- Spirax Sarco Engineering Plc
- Schlumberger NV
- CIRCOR International Inc
- FITOK GmbH
- The Weir Group PL
- Frontier Valve International Ltd
- GWC Italia SpA
- Admiral Valve LLC
- Allagash International Group LLC
- American Valve Inc
- Champion Valves Inc
- Cornerstone Valve LLC
- Dezurik Inc
- Descote Inc
- Everlasting Valve Co Inc
- Henry Pratt Co LLC
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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